Just as we prepare to head home for the weekend, the ratings agency Moody’s downgraded the UK credit rating to AA1 from AAA.
Needless to say the GBP collapsed as no real liquidity is in the markets as we approach 5 PM.
GBP went from 1.5250 to 1.5185 in the blink of an eye.
It will be interesting to see how the Far Eastern markets react to this on Sunday evening. GBP is closing at 1.5190.
Further reading:
GBP/USD Collapse – Guide to the next big levels
GBP/USD Weekly Forecast = Levels, events and sentiment
